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Full-Text Articles in Architecture
Sustainable Adaptive Reuse – Economic Impact Of Cultural Heritage, Tris Kee
Sustainable Adaptive Reuse – Economic Impact Of Cultural Heritage, Tris Kee
Faculty of Design & Environment (THEi)
Purpose
The purpose of this paper is to investigate the positive externalities of adaptive reuse of heritage buildings and the economic impact on adjacent residential property prices as adaptive reuse is emerging as a significant heritage management and cultural heritage conservation practice recognized by the International Council on Monuments and Sites.
Design/methodology/approach
Through mixed methodologies of hedonic price model and case studies of three tenement houses in Hong Kong, this paper argues that the adaptive reuse of heritage buildings increases the values of residential properties within the district and revitalizes the area economically and culturally because of the positive externalities …
Economic Sustainability Of Heritage Conservation In Hong Kong: The Impact Of Heritage Buildings On Adjacent Property Prices, Yee Chun,Tristance Kee, K.W. Chau
Economic Sustainability Of Heritage Conservation In Hong Kong: The Impact Of Heritage Buildings On Adjacent Property Prices, Yee Chun,Tristance Kee, K.W. Chau
Support & Other Units (THEi)
Informed by the theoretical framework of sustainable development and economic theories including the cluster theory and the corollary of the Coase Theorem, this paper empirically investigates the economic impact of architectural heritage in Hong Kong. Using the hedonic price model, the research examines the economic impact of 50 publicly owned versus 50 privately owned heritage buildings on adjacent residential property prices with a sample size of over 43,240 property transaction records spanning a time period of 10 years. The research supports that heritage conservation can promote economic sustainability aside from cultural sustainability and social engagement. This research benefits government policymakers, …